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Crude oil futures end higher on supply concerns

07 Aug 2026 Evaluate

Crude oil futures ended higher on Thursday following attacks on Saudi Arabian tankers in the Red Sea by Houthis, which renewed Middle East tensions, while uncertainty over a deal on the Strait of Hormuz reopening fueled disruption concerns.

Benchmark crude oil futures for September delivery increased by $2.07 or 2.75% to settle at $77.29 a barrel on the New York Mercantile Exchange. Brent crude for October delivery was up by $3.04 or 3.83% to settle at $82.49 a barrel on the New York Mercantile Exchange.